News: MBO at Rotherham mattress retailer is a dream deal
Rotherham-headquartered Mattressonline.co.uk Limited; the leading independent online mattress and bed retailer supplying market-leading brands to consumers across the UK has changed ownership in a Management Buy-Out (MBO), led by managing director, Steve Adams.
Established in 2003 by Steve Adams and Steve Kelly, the company was one of the first on-line mattress e-retailers. Kelly has now taken the opportunity to realise his investment in the business through the transaction.
With its HQ and warehouse at Aldwarke, Mattress Online aims to offer their customers the best choice and value in mattresses and associated products stocking a huge range of brands including; Silentnight, Sealy, Rest Assured, and Sleepeezee alongside manufacturing its own range of premium products.
Steve Adams, managing director of Mattress Online, said: "I am proud and excited to have the opportunity to continue developing Mattressonline and I am grateful to the professional teams at Castle Square, Lupton Fawcett and Yorkshire Bank who have helped make this possible.
"There is a clear opportunity for the Company to further develop our product range whilst maintaining our exceptional customer service levels. I would like to thank Steve Kelly for his support in developing the Company into the premier independent online retailer."
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Sheffield-based dealmakers; Castle Square Corporate Finance provided corporate finance advice to the management team leading negotiations on deal structure alongside running the fundraising process. Lupton Fawcett's Sheffield corporate team provided legal advice and support to the MBO Team on the acquisition which included specialist input from Lupton Fawcett's Sheffield based corporate tax, banking and real estate teams.
Steve Bell from the Castle Square Team led on the deal, running a structured process which resulted in Yorkshire bank being selected to provide the necessary finance to complete the transaction. He said: "It is fantastic to have advised Steve Adams on the transaction as it is clear that the team at Mattressonline has established an exceptional market position delivering premium products and consistently exceeding customer expectations. The buy-out will allow the company to further develop its customer offering."
Neil Large, corporate partner at Lupton Fawcett, added: "We are delighted to have worked with Steve Adams, Yorkshire Bank, and Castle Square Corporate Finance on the transaction. This buy out had several moving parts which, through superb teamwork and effective collaboration between all parties and advisers, were seamlessly pulled together to get the deal delivered with least business disruption, on time, within budget, and with minimum stress and hassle.
"Mattressonline is a hugely successful business which is going places and fast. The company has huge growth potential and we are looking forward to working with Steve Adams on its next chapter under new ownership."
Following the structured debt fundraising process led by the Castle Square team, Yorkshire Bank emerged as the preferred funding partner. Yorkshire Bank team provided the acquisition finance on the transaction alongside working capital facilities.
Steve Roe, senior director, Corporate and Structured Finance, at Yorkshire bank, said: "Mattressonline is a well-established business with a strong market position and significant potential for future growth. Having spent time to understand the business, we are delighted to be chosen as senior debt provider for this transaction which helps Mattressonline to realise the next stage in its future growth strategy."
Freeths Sheffield Corporate team lead by Lisa Wallis provided advice to Steve Kelly, whilst Claire Boyce at Freeths provided tax advice. Yorkshire Bank were advised on the legal aspects of the transaction by Jenny Crew at DWF in Leeds and financial due diligence was provided by Hawson's Sheffield's team, led by Peter Wilmer.
Mattress Online website
Images: Mattress Online
Established in 2003 by Steve Adams and Steve Kelly, the company was one of the first on-line mattress e-retailers. Kelly has now taken the opportunity to realise his investment in the business through the transaction.
With its HQ and warehouse at Aldwarke, Mattress Online aims to offer their customers the best choice and value in mattresses and associated products stocking a huge range of brands including; Silentnight, Sealy, Rest Assured, and Sleepeezee alongside manufacturing its own range of premium products.
Steve Adams, managing director of Mattress Online, said: "I am proud and excited to have the opportunity to continue developing Mattressonline and I am grateful to the professional teams at Castle Square, Lupton Fawcett and Yorkshire Bank who have helped make this possible.
"There is a clear opportunity for the Company to further develop our product range whilst maintaining our exceptional customer service levels. I would like to thank Steve Kelly for his support in developing the Company into the premier independent online retailer."
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Sheffield-based dealmakers; Castle Square Corporate Finance provided corporate finance advice to the management team leading negotiations on deal structure alongside running the fundraising process. Lupton Fawcett's Sheffield corporate team provided legal advice and support to the MBO Team on the acquisition which included specialist input from Lupton Fawcett's Sheffield based corporate tax, banking and real estate teams.
Steve Bell from the Castle Square Team led on the deal, running a structured process which resulted in Yorkshire bank being selected to provide the necessary finance to complete the transaction. He said: "It is fantastic to have advised Steve Adams on the transaction as it is clear that the team at Mattressonline has established an exceptional market position delivering premium products and consistently exceeding customer expectations. The buy-out will allow the company to further develop its customer offering."
Neil Large, corporate partner at Lupton Fawcett, added: "We are delighted to have worked with Steve Adams, Yorkshire Bank, and Castle Square Corporate Finance on the transaction. This buy out had several moving parts which, through superb teamwork and effective collaboration between all parties and advisers, were seamlessly pulled together to get the deal delivered with least business disruption, on time, within budget, and with minimum stress and hassle.
"Mattressonline is a hugely successful business which is going places and fast. The company has huge growth potential and we are looking forward to working with Steve Adams on its next chapter under new ownership."
Following the structured debt fundraising process led by the Castle Square team, Yorkshire Bank emerged as the preferred funding partner. Yorkshire Bank team provided the acquisition finance on the transaction alongside working capital facilities.
Steve Roe, senior director, Corporate and Structured Finance, at Yorkshire bank, said: "Mattressonline is a well-established business with a strong market position and significant potential for future growth. Having spent time to understand the business, we are delighted to be chosen as senior debt provider for this transaction which helps Mattressonline to realise the next stage in its future growth strategy."
Freeths Sheffield Corporate team lead by Lisa Wallis provided advice to Steve Kelly, whilst Claire Boyce at Freeths provided tax advice. Yorkshire Bank were advised on the legal aspects of the transaction by Jenny Crew at DWF in Leeds and financial due diligence was provided by Hawson's Sheffield's team, led by Peter Wilmer.
Mattress Online website
Images: Mattress Online
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